joint stock company

1. In the UK: The original (17th century) name for a corporation in which the liability of the owners is limited to the nominal value of the stock (shares) held by them.

2. In the US: Corporation with unlimited liability for the shareholders. Investors in a US joint stock company receive stock (shares) which can be transferred, and can elect a board of directors, but are jointly-and-severally liable for company's debts and obligations. A US joint stock company cannot hold title to a real property.